Australian banks agree to scrap controversial "foreign ATM" withdrawal fees

Australian banks agree to scrap controversial

Under the move more than 10,000 machines across Australia will now be free to use, despite it being set to cost the banks a collective total of $780 million a year.

This is a very welcome change and while NAB still haven't announced, expect it to occur shortly, now there's an acute pressure on them as the only remaining one of the big four Australian banks who still charges for this.

ATM withdrawals and cash payments have been steadily declining in Australia, but that did not lessen the splash made by the decision.

Westpac, the ANZ and National Australian Bank followed suit later in the day.

The bank is also facing a separate inquiry by the Australian Securities Investments Commission, and another probe by the Australian Prudential Regulation Agency. He claimed it as a win for Labor's push for a banking royal commission.

A federal court action was launched in August by the The Australian Transaction Reports and Analysis Centre (AUSTRAC) alleging the bank has breached Australia's anti-money laundering laws. Westpac was the first to capitulate.

Australia's fifth largest bank, Macquarie, said it did not charge ATM fees and would refund the A$2 fee if their customer was slugged by another bank. This is one of the steps we're taking to make that happen.

In relation to the Commonwealth Bank, the change will impact its 3,400 branded automated teller machines across the country, according to Bloomberg. The fees are usually between $2 and $2.50, and are a source of frustration for many Australian consumers.

LA County search-and-rescue dogs heading to Puerto Rico
Federal officials said Friday that 70,000 people, the number who live in the surrounding area, would have to be evacuated. But it's unclear if the water release has mitigated the threat of a dam collapse.

The Australian Bankers Association said Sunday's announcements were another example of how banks were working to improve their services.

"So well done Commonwealth Bank".

The bank's group executive of consumer, George Frazis, said they want all Australians to use their ATMs without being stung.

Finally, by 3pm, NAB became the last of the big four to cave to the pressure.

Government minister Greg Hunt said getting rid of the fee was good for consumers.

The Commonwealth Bank which announced early on Sunday the abolition of the $2 fee.

Australians withdrew money from ATMs of other banks some 250 million times a year ago, with the move to scrap fees targeted at improving customer satisfaction.

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